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Surry Hills sale sets precedent for ‘raw’ development sites

​Sydney, 25 May
2015 –A
Surry Hills site has set a new precedent for development ready properties in
the city fringe area after selling for $9.25 million to a local developer -
$250,000 above reserve.

The
620sqm corner site, located at 432-442 Elizabeth Street, boasts a high profile
position close to transportation hub, popular amenities including restaurants
and retailers, and the CBD. The large level site combining two titles benefits
from favorable planning controls encouraging re-development, including B4 mixed
use zoning.

CBRE’s
Gemma Isgro and Anthony Bray sold the property on behalf of the private vendor,
who has owned the site for over two decades, via a public auction.

Mr Bray said the site’s strategic position in the tightly held Surry Hills market and the flexible mixed use zoning were key selling factors.

“The site was hotly contested, with the campaign extracting over150 interested parties from the market, an excess of 30 contracts being issued and multiple bidders competing in the auction room to achieve the final result of $250,000 above the reserve.”

“The
strong sales result is evidence of the confidence developers have in the
city-fringe market, particularly when recent residential developments in the
area, such as the Foveaux Street development at 81 Foveaux Street, have demonstrated
the extraordinary level of interest for residential properties - with 3150
buyers registering for the 53 apartments.

“The
purchaser plans to capatilise on the investment potential of the site and
re-develop it into residential units with a small retail/commercial component,”
Ms Isgro added.

“With
no competing development stock available in the area, the scale and potential
for 432-442 Elizabeth Street made this sale extremely competitive.”

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About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.​